For builders - McMansions RULE
For buyers - The trend is cooling. Many may WANT McMansion size, but they don't want to pay for it. Also, for those with the $$$ prewar charmers (even though they might be under 4000 sq.ft.) and brand new construction rule. McMansions that are not brand new or have anything remotely dated about them - are not really moving.
The forces driving these trends are many....The old-fashioned graceful charmers have always been fashionable around here. They are timeless and have a style that is impossible to duplicate today. A pre-war tudor or colonial in good condition still sells at the drop of a hat if it is priced well.
A 10-20 year old McMansion doesn't have charm, it doesn't have style, it just looks DATED. People who go for the McMansion style want today's finishes. They want the tumbled marble in the baths and the granite in the kitchen with super-ornate cabinets to match. Those who are thinking of selling their McMansions really need to keep them up-to-date with the latest finishes in order to make them desirable to today's McMansion market. The fact that older McMansions tend to "sit" supports my concern about buying new construction as an investment - you pay a premium for a "new look" that is ever changing and within five years, you are competing with other shiny new homes and still have to spend for upgrades even though you paid a premium for them just a few years ago.
Nevertheless, builders are still grabbing up tired tract homes of the 70s and doing the "McMansion conversion" gutting them and adding 2000 - 4000 sq. ft. . Supersizing marches relentlessly onward. Oversized homes on postage-stamp lots are stil popping up all over the place. So strong is this trend that I nearly dropped my teeth when someone bought such a "fixer" gutted it but didn't expand it! I was SHOCKED! What's wrong with these people??? They didn't want a monstrosity!!!
All this expansion occurs in spite of the fact that the demand for more "modest" homes is enormous. A smaller home - from 1500-3000 sq.ft. that is in top notch shape flies off the shelf faster than a blinking eye. This dichotomy is the result of land prices that are through the roof. In White Plains an undeveloped acre of land still sells for more than $1million an acre and builders need to maximize their investment. Hence, the supersizing continues in spite of cooling demand. However, a recent article in the White Plains Times indicates that the city may be taking action because the public is sick of seeing these behmouths blocking the sun in their back yards and sticking out like sore thumbs. We also have a run-off problem as NY can be quite wet. Paving over everything is causing flooding so more restrictions will be coming. City officials indicated that they used to be able to count on "people's good taste" to moderate size. One official indicated that good taste had gone out the window while garish and greedy had taken over.
Households are placing more emphasis on better use of space, instead of more space.
As Baby boomers move towards retirement, they are wanting more accessibilty in a home.
Fuel Costs - Smaller homes are typically more efficient
Here are the additional articles to read:
I am sure we will see this trend emerge and evolve even more in the Tampa Bay home market, where we service home buyers and sellers - as well as other areas of the country. Hope these help.
Some of this was spearheaded by architect Sarah Susanka, AIA and her book, The Not So Big House.
I found two interesting articles fo you. - national trend
I've heard this rattling around as well, I just don't remember where I heard it... I've still not seen any evidence of it yet, but new construction is very slow at the moment... Anyone out there in an active new housing market? Comments?
I think that you can't really consider the McMansions and high-end properties together. While there's a lot of agitating in communities across the California to actively legislate against 'McMansions,' I think that the rich wil continue to be able to do what they want (within reason) to their properties.
For up-to-date information about what's actually for sale in these communities, my website has all the listings for estate properties and luxury homes currently available in the L.A. Basin and beach cities. It also list most of the other properties for sale from Downtown to the Westside.
Please feel free to get in touch with me if you have any questions or would like full Sales Comp Reports for any properties that you're interested in. Best of Luck.
(I can tell only about my neighborhood)
Beverly Hills, CA( !!:) Average Sq. Ft.of a house=4,500-5,000, and Average lot size=15,000 sq.ft.- (I just run market analysis: what is there for sale for last 6m)
The tendency is opposite here: new houses must have huge walk in closets, big kitchen and bath rooms.
Every my client, regardless price, asks about these+ high ceilings, big windows+ pool or place for one.
If it is downsizing: they just move from house to condo.
So, nope, new constructions( houses that they r building right now in BH and BHPO) r huuuuuuge.
THis really depends on where you want to live. In the Beach citites that has always been true but in Palos Verdes where I live and work, the bigger the better currently. You need to be more specific about where you want to live to get an accurate answer.